Data from Hometrack, Zoopla’s data and analytics business, shows that the average UK homeowner is now staying in their property for 21 years. This is a dramatic increase from when the housing market was at its peak, when the average was closer to 7 years.
This presents a new set of challenges for new homes developers; how do you engage homeowners in this slow moving market, and keep ahead of your competition? Hannah Parker, Business Development Manager at Hometrack, gives her top tips, and explains how answers may be found in data insights.
Unlock the doors of existing homes sooner
The first time buyer market is of particular importance to new build property developers. But looking to engage outside of this market and attract existing homeowners with appealing offers and tailored communications will help developers stay ahead.
Make sure they’re getting your good side
ZPG’s recent research into the new build market shows that there are some common misconceptions amongst homeowners when it comes to new build properties. There’s a perception that rooms are too small, they’re too uniform in their appearance and they’re expensive for what you get. Housebuilders need to address and challenge these misconceptions in their marketing communications, and showcase the unique benefits of buying new.
The devil’s in the data
Using property data tools can help house builders make more informed business decisions, minimising risk and maximising profits. Hometrack’s Site Appraisal Reports are helping developers across the country get under the skin of their local markets, price trends and demand drivers. Using data to understand the market and your target audience on a deeper level will help ensure you’re focusing on providing the right products, to the right people, at the right time.
Hannah’s top tips
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In the last eight years, the growth of first time buyers has outpaced all other buying groups and in 2018 they became the largest buyer group in the UK.